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The World's Fiat Currencies Are Failing. How Much Longer Do They Have? | Mike Maloney

Wealthion - Be Financially Resilient

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What Is Base Currency and Bank Reserves?

There's really sort of two components to it. And then there's what's called bank credit currency. The first is the paper notes that are in your wallet, and that is an IOU from the Federal Reserve if you live in the U.S., Bank of England if you're in England. There's about $2 trillion worth of base currency IOU's that we use in circulationPaper notes used to be the vast vast majority of base currency but with quantitative easing they've been overtaken by bank reserves.

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